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CHECKABLE DEPOSIT: A checking account deposit maintained by a bank, savings and loan association, credit union, or mutual savings bank. These accounts, also termed transactions deposits, let customers transfer funds easily and quickly to another person, which makes them ideally suited for use as money. Checkable deposits are typically between 60 and 70 percent of the M1 money supply.

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PRODUCT INNOVATION

An innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas. The contrast is with a process innovation, which is an improvement in an existing product, technology, or idea.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for broken fingernail clippers.
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